According to the Indonesia Insurance Statistics published by the Financial Services Authority, the Indonesian life insurance industry made a larger after tax loss in the fourth quarter of 2019 compared to the fourth quarter of 2018. Over Q4 2019, the Net Profit before OCI decreased compared to Q4 2018, caused mainly by a 39% decrease in investment income and a 2% increase in total expenses. The decrease in net premium income was driven by lower gross written premium and higher reinsurance premiums ceded.